Miss sold Packaged Bank Accounts - time barr rules

Alison_Hampson_2

It has come to my attention that some banks are now not looking at allindividual cases for reclaiming bank charges (miss sold packaged bank account),if they sent a consumer a Refresher Pack in 2009 which included details of fees andbenefits. This is because of the FCA timebarring rules on complaining - 6 years from the event of sale and 3 years fromwhen the consumer knew, or could reasonably have known, they had cause tocomplain. This means that anyonecomplaining after 2012 will not be eligible to complain because they havemissed the 3 year time limit. Ipersonally don't think this is fair, as until recent media publicity about misssold PBAs, not many consumers were aware they had been miss sold and I thinkall banks have a duty of care to at least look at partial compensation paymentsup until 2009 when the Refresher Packs were sent out. Also, every clients case is unique and shouldbe looked at based on its own merits. You can't take a blanket approach across the board. Also, I think the FinancialConduct Authority (FCA) Treating Customers Fairly (TCF) initiative Outcome 6,contradicts the time barr rules - TCFOutcome 6 - Consumers do not face unreasonable post-sale barriers imposed byfirms to change product, switch provider, submit a claim or make a complaint. This is my personal opinion and it is notmeant to offend anyone.

dunstonh

Your font is tiny. You may want to change it as its very difficult to read.

It has come to my attention that some banks are now not looking at allindividual cases for reclaiming bank charges (miss sold packaged bank account),if they sent a consumer a Refresher Pack in 2009 which included details of fees andbenefits. This is because of the FCA timebarring rules on complaining - 6 years from the event of sale and 3 years fromwhen the consumer knew, or could reasonably have known, they had cause tocomplain.

This is with all financial services cases and mirrors similar in law.

Ipersonally don't think this is fair, as until recent media publicity about misssold PBAs, not many consumers were aware they had been miss sold

There is nothing wrong with having packaged bank accounts. If someone knows the costs and knows the features then its fine. So, getting letters reminding them periodically what the costs are and the features available is good.

It also reduces opportunistic, try-it-on, fraudulent complaints where people pay the money to see if they need the service and then if they dont, they put in a fake retrospective complaint making allegations they didnt know they had it or what it covered. By getting periodic reminders, the evidence available proves they were given all the information needed.

I thinkall banks have a duty of care to at least look at partial compensation paymentsup until 2009 when the Refresher Packs were sent out.

There is also personal responsibility to read what you have been sent.

Also, every clients case is unique and shouldbe looked at based on its own merits.

Every case is viewed on its own merits. The timebar can be overruled if there is justification. However, that tends to be incorrect address or incapacity or inability to read.

Also, I think the FinancialConduct Authority (FCA) Treating Customers Fairly (TCF) initiative Outcome 6,contradicts the time barr rules - TCFOutcome 6 - Consumers do not face unreasonable post-sale barriers imposed byfirms to change product, switch provider, submit a claim or make a complaint.

The problem is finding a balance between those with genuine complaints and those using it as a money train. For example, around half of those complaining about PPi dont even have PPI. Are they genuine mistakes or people trying it on?

There is a whole industry of cold calling claims companies putting in try-it-on complaints. There has to be a mechanism to stop that sort of thing.

If people are told the costs and terms and choose to continue with the product then it is their own responsibility.

Bambi90

Hi


I have just made a claim to the Lloyds bank and what they did was compare my platinum account to a gold account, which they said was more suitable for me at that time and they agreed that I was missold the original account.
But I felt the compensation was a bit low, I have had the platinum account since 2008 up until now and have been paying 17.00 per month for this, now I work out that over to be over £1,000 of charges.
the compensation I got was £390.32 and £90.83 interest.


Can someone tell me if this is correct or if I should go to the financial authorities?


Thank you
Joanne

dunstonh

Bambi90 wrote: »

Hi


I have just made a claim to the Lloyds bank and what they did was compare my platinum account to a gold account, which they said was more suitable for me at that time and they agreed that I was missold the original account.
But I felt the compensation was a bit low, I have had the platinum account since 2008 up until now and have been paying 17.00 per month for this, now I work out that over to be over £1,000 of charges.
the compensation I got was £390.32 and £90.83 interest.


Can someone tell me if this is correct or if I should go to the financial authorities?


Thank you
Joanne

You shouldnt post unrelated questions to someone elses thread. Its known as thread hijacking and is considered rude (your question could take over the thread leaving the original post unanswered or resulting in multiple conversations happening on the same thread.

However, this thread appears inactive now. So, I will comment.

You should get a refund of the monthly cost from the point of the mis-sale minus the cost of any benefits obtained under the package plus interest.

The letter you received should include a breakdown. What you say and the amount you got suggest they have deducted something. Did you have borrowing on preferred terms or did you register any bits of the package or use any bits of the package?